The Tyranny of Futures Goes Away

It's another day where we shook off the futures. Another day refuting the "commoditization" of stocks idea that dominated the market since the beginning of the year.

I cannot express how important it is that the tyranny of the futures goes away. It means that China, Japan, Turkey, Argentina, Italy or any of the other places that have had primacy do not control us. We are not controlled by anything in Washington as they have taken themselves out of the equation, perhaps until the election. We aren't controlled by Fed talkers since Janet Yellen took over. It seems as if the market has even cordoned off the problems of the retailers, just putting them squarely on the weather. Again, good news.

These are all the kinds of changes that allow valuation of individual stocks to come into play. It's instructive to look at what comes back first: the highest growth stocks. Keep an eye on Celgene (CELG) and Biogen Idec (BIIB) as tells, as well as Google (GOOG).

There's also a recovery trade going on with none other than IBM (IBM), Exxon Mobil (XOM) and Procter & Gamble (PG) leading the Dow. All three had disappointed.